Cherry Tree Oozing Sap and Losing Bark

I'm so grateful to have found this site. My cherry tree, newly planted in April with good watering has a spot where the bark is peeling badly and is separating like a wound. The soil line has an area where amber colored sap is excreting. Sometimes it has whitish coloring to the underneath sap.

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There is no evidence of any bugs, so I'm assuming its a borer. I used Bayer Systemic Tree and Shrub Care 5 weeks ago, but the sap is still there. It does seem to be a tad less. Some say try to kill the borer with a knife or wire, but who know if that what's wrong or where it is. I was hoping the Bayer would help. I don't want to lose this tree. What else can I do? Please help. My dogwood some 30 feet away had a borer that left it with D shaped holes and the trunk is now like a 2x4 of dead wood. Although it has some leaves, I think it going to die. Could it be the same bug? Thanks.